Oil prices reached a four-week high on Tuesday amid renewed US-Iran clashes in the Strait of Hormuz. The United States reinstated a naval blockade of Iran and carried out strikes for a third night. Two United Arab Emirates tankers were hit by Iranian missiles.
Brent crude climbed past $85 a barrel as traders reacted to the escalating tensions and risks of supply disruptions.
The United States conducted strikes against Iran for a third consecutive night. Houthi rebels also fired missiles at Saudi Arabia.
Asian shares traded mixed, with a tech stock sell-off weighing on sentiment. Treasury yields rose as markets priced in possible Federal Reserve rate hikes.
Investors are awaiting upcoming US inflation data and testimony from Fed Chair Warsh.
